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Shell Summary for July 30, 2015

2015-07-30 21:00 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange added 3.54 points to 588.30 Thursday. Tony Melman's special purpose acquisition corporation, Acasta Enterprises Inc. (AEF), went public on the Toronto Stock Exchange today, closing at $10.02 on 2,097,100 shares. The SPAC recently closed a $350-million initial public offering of 35 million Class A restricted voting units at $10. Each unit comprises one share and one-half of a warrant; whole warrants will be exercisable at $11.50 for five years, but only after the SPAC closes a qualifying transaction. Acasta's brokers, five banks plus Canaccord Genuity Corp., have 30 days to sell an overallotment option of 5.25 million Class A restricted voting units at $10. This is the fourth SPAC to list on the TSX this year, following Mark Goodman's Dundee Acquisition Corp. (DAQ: $9.72), Neil Selfe's Infor Acquisition Corp. (IAC: $9.70) and Reza Satchu's Alignvest Acquisition Corp. (AQX: $9.90).

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